June 28, 2006

Players Sue NFL over Hedge Fund

Seven current and former NFL players have sued the league and its union to recover $20 million they lost in a fraud scheme. They claim that the union endorsed the services of an investment firm that had run illegal business. The players have filed a lawsuit in the US District Court. According to them, the league and the NFL Players Association are liable for the losses because of investments with hedge fund manager Kirk Wright. The lawsuit says that the union recommended Wright through registration in a union investment program even though he and his partner had active state and federal tax liens against them.

According to Washington Post -

The players also say that the union failed to certify that Wright was properly insured as required by the program, and failed to notify the plaintiffs about those matters. NFL spokesperson Greg Aiello said on Tuesday that the league regards the lawsuit as unfounded and without merit.

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June 28, 2006 in Research | Permalink




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